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ACC 291T Apply Assignment Week 2 Connect Assignment (November, 2019) (with Excel File)
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ACC 291T Apply Assignment Week 2 Connect Assignment (November, 2019) (with Excel File)

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  • ACC 291T Week 2 Apply Connect Assignment (May 2019).xlsx
  • ACC 291T Week 2 Apply Connect Asgnt May 2019 (1 set qns).docx

During March a firm purchased $22,790 of merchandise and paid freight charges of $1,860. If the net delivered cost of purchases for the March is $22,040, what is the total purchase returns for March?

Multiple Choice

•          

$0

•          

$1,110

•          

$2,610

•          

$3,720

 

 

 

 

A firm had purchases of $17,000, freight charges of $340, and purchases returns and allowances of $1,500 during one month. Its net delivered cost of purchases was:

Multiple Choice

•          

$15,160.

•          

$18,840.

•          

$17,000.

•          

$15,840.

 

 

Lewis Corporation engaged in the following transactions during June.

 

 

DATE             TRANSACTIONS

2019               

June     4                      Purchased merchandise on account from Salinas Company; Invoice 100 for $965; terms n/30.

            15                    Recorded purchases for cash, $1,450.

            30                    Paid amount due to Salinas Company for the purchase on June 4.

 

Record these transactions in a general journal.

 

 

 

 

 

Record the following transactions of Fronke’s Fashions in a general journal:

 

DATE             TRANSACTIONS

2019               

April    1                      Purchased merchandise for cash, $1,120.

            2                      Returned merchandise for cash purchased on April 1; received a cash refund of $127.

            4                      Purchased merchandise on credit from Breit Distributors, Invoice 125, $652, terms n/30; freight of $27. prepaid by Breit Distributors and added to the invoice.

            7                      Returned damaged merchandise purchased on April 4 from Breit Distributors; received Credit Memorandum 202 for $34.

            30                    Paid the amount due to Breit Distributors for the purchase of April 4, less the return on April 7, Check 1458.

                                   

 

 

On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,700 on Invoice 1001, terms 2/10, n/30. The cost of merchandise sold was $2,400. Payment was received in full from Fronke’s Franks, less discount, on April 10.

Record the transactions for Moloney Meat Distributors on April 1 and April 10. The company uses the perpetual inventory system.

 

 

 

 

Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 7 percent sales tax on all sales. The company uses the perpetual inventory system. (Round your intermediate calculations and final answers to the nearest whole dollar value.)

 

 

DATE             TRANSACTIONS

2019               

April    2                      Sold merchandise for cash, $2,640 plus sales tax. The cost of merchandise sold was $1,640.

            3                      The customer purchasing merchandise for cash on April 2 returned $320 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $220.

            4                      Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,190 plus tax, terms n/30. The cost of the merchandise sold was $1,190.

            6                      Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $220 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $230.

            30                    Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6.

 

 

 

 

 

 

Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places)

 

DATE             TRANSACTIONS

2019               

March  8                      Purchased merchandise on credit from Alenikov Designs, Invoice 1091, list price $5,000, trade discounts of 30% and 20%; terms 3/10, n/30.

            17                    Paid the amount owed on the purchase of March 8 from Alenikov Designs, less the 3 percent discount, Check 185.

 

 

 

 

Record the following transactions of J. Min Designs in a general journal. The company uses the perpetual inventory system.

 

DATE             TRANSACTIONS

2019               

April    1                      Purchased merchandise on credit from O’Rourke Fabricators, Invoice 885, $3,550, terms 1/10, n/30; freight of $75 prepaid by O’Rourke Fabricators and added to the invoice (total invoice amount, $3,625).

            9                      Paid amount due to O’Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457.

            15                    Purchased merchandise on credit from Kroll Company, Invoice 145, $1,800, terms 1/10, n/30; freight of $130 prepaid by Kroll and added to the invoice.

            17                    Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $105.

            24                    Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470.

 

Record these transactions in a general journal.

 

 

 

 

Tune Tones Instrument Tuning Company owes Mandy Lynn's Music Studio $5,016 as of November 1. During November, Tune Tones purchased merchandise from Mandy Lynn totaling $8,655 and made payments on account to Mandy Lynn in the amount of $7,410. The amount Tune Tones owes Mandy Lynn on November 30 is:

Multiple Choice

•          

$6,261.

•          

$3,771.

•          

$11,049.

•          

$7,410.

 

 

During the year, a firm purchased $257,500 of merchandise and paid freight charges of $41,850. If the total purchases returns and allowances were $16,440 and purchase discounts were $8,900 for the year, what is the net delivered cost of purchases?

Multiple Choice

•          

$299,350

•          

$274,010

•          

$324,690

•          

$190,310

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